Wednesday 9th September 2020US equities have had a third session with substantial falls. NAB’s Gavin Friend says the damage is largely confined to the tech sector but there is evidence that it could be broadening to a fuller risk-off mood. The reasons for the uncertainty are clear, beyond irrational exuberance, we have increasing rhetoric from Donald Trump over China, expanding on his earlier decoupling comments; Boris Johnson is turning up the heat on Brexit negotiations, threatening to change the withdrawal agreement, even if it means breaching international law; and COVID-19 cases continue to rise.

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